i see lot of ppl moving to vp level at chase from like mid manager career levels.. whats up with those titles and how is compensation there? like dev who was with me with around 15 years exp getting vp of software engineering role at chase
VP is basically L4 - L6 at F/G
L6 should map to ED or even MD
Arguably L4 is too low for VP as well though. You can get L4 at F/G within 2-3 years, contrary to what most FAANGers think, VP will take 5-7 YOE, so VP is a wide range from mid L4 to mid L6 and basically terminal at a bank. MD / ED is pretty tough to get and you need to be a good politician / communicator to get there above your tech skills. This is all going by YOE, responsibility and % of levels within the company, NOT going by TC.
Banks are special. They are extremely heavy on VP titles. At one point my company (7K employees) was doing business with a bank that had more VP titles than our total count worldwide. It makes it fun to bring in similarly titled folks to meet with a customer. Banks are just special like that. Unless they have “executive” in front of it then it means nothing. No offense intended to anyone working there.
Actually even the executive might not be as much as it sounds. At JP VP is pretty much nothing, but right after VP comes ED (Executive Director) and then Managing Directory. ED that I've known at JP typically manage a small team.
Goldman just made all VPs into Executive Directors in UK to make this even more moot.
At banks VP < Director
Banks have literally thousands of VPs .. it does not carry the same weight..
Bottom line don’t be impressed by what their title is ;)
Vp at chase is tech lead level. Vp maxes out at 180k base.
It’s not tech lead level but banking tech lead can be a joke of a role
How many CEOs do banks have then?
Believe it or no some back (like Citi) have multiple CEOs. They have CEOs of different divisions or regions. It is silly
Banks have many VPs, who vary a lot in their responsibility scope, ranging from ICs to managers of managers.Next level is Director which I would say is the first well respected position, something like a L5-L6 at FAANG (pay being lesser though). Next level is Managing Director which is a very respectable position and can range from L6-L10++ levels at FAANG. Some banks have partners over MDs
LOL, as if L5 = director at a bank. Clearly never worked at a bank.
I mentioned L5-L6. Trust me I know enough L6s at FAANG as well as Directors/MDs at banks
At JP there are VPs everywhere. To the point that VP is becoming almost like the staring point for employees at JP. The way it works at JP is that there are two titles. One of them is a hierarchy title (Associate->VP->ED->MD...etc) and another is your actual job (developer, engineer...etc). Lots of those "VPs" at JP aren't even managing anyone! Just someone technical who's been with the bank 2 years started as an "Associate" hierarchy level and his manager gave him a good review at end of the year to get a pay bump. Guess what comes after "Associate"? Yes, VP. And you're still just an analyst/developer or something and aren't necessarily leading anything. In short, VP at JP Morgan means absolutely nothing outside of JP Morgan (and very little inside) it is so funny that it sounds similar to VP at a tech company, when they have nothing to do with each other. It makes me laugh when I notice people at JP get that VP hierarchy title and run to LinkedIn and change their title to (Vice President of JP Morgan ENGINEERING YEEEEHAAAAA) to impress their friends who have no idea. lol
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That’s typical banking culture. There are hundreds and hundreds of VPs. Probably the guy managing the local branch is also a VP. Don’t be impressed!
Hundreds? Lol. Think thousands if not tens of thousands :)